China to be largest aviation services market by 2042

An Air China plane takes off from Beijing Daxing International Airport. [Photo by Zou Hong/China Daily]

As global aviation capacity gradually rebounds to pre-pandemic levels, the aviation services market is continuously growing.

On December 12, Airbus released a report projecting that with the recovery of global air travel and the increasing demands of digital and intelligent services, the value of the global aviation services market will rise from $130 billion in 2023 to $255 billion in 2042. Notably, China is expected to surpass Europe and the United States, emerging as the world's largest aviation services market.

The report indicates that the global aviation services market will see value growth in various aspects, including maintenance, training and operations, as well as passenger-experience enhancement.

The maintenance sector is expected to have the greatest growth potential over the next 20 years and over 17,000 aircraft will be retired by 2042. This creates market opportunities for reuse, maintenance, and recycling. In the training and operations sector, it is estimated that 2.2 million pilots, technicians, and crew members will be trained by 2042.

Hu Yongdong, vice-president of customer services strategy, business development and operations at Airbus China, stated that the Asia-Pacific region, particularly China, holds the greatest hope for the future growth of the global aviation services market. It is anticipated that by 2042, China's share of the aviation services market will rise to 21% globally.

Source: Economic Daily; trans-editing by Guo Yao